Amid troubles for American banks, Republic First Bank in Philadelphia got closed by regulators. Fulton Bank took over most of its money and branches. This comes after many big banks failed last year, showing more problems in the U.S. banking system.

The Federal Deposit Insurance Corporation (FDIC) managed the switch. They made sure Republic Bank's 32 branches in New Jersey, Pennsylvania, and New York would keep running under Fulton Bank. This is to protect people's money and make sure things keep going smoothly.

Customers of Republic Bank can still use their money through checks, ATMs, and debit cards. All 32 branches will open again soon. The FDIC made a special call center to help customers during this time.

The FDIC says people who had accounts in Republic Bank now have them in Fulton Bank. They don't need to change anything to keep their money safe.

This situation shows that the U.S. banking system has some big problems. Republic Bank had about $6 billion in money and its closing will cost $667 million. The FDIC says Fulton Bank taking over is the best way to fix things and make people trust the banking system again.

A mortgage expert, Colin Robertson, thinks Republic Bank failed because of its mortgage business. They tried to grow it by offering big home loans at low interest rates. But this was risky, and they eventually decided to stop doing it.

Fulton Bank's CEO said they are happy to have more branches after taking over Republic Bank.

In summary, Republic First Bank in Philadelphia closed, and Fulton Bank took over its money and branches. This shows more problems in the U.S. banking system, but the FDIC is working to fix them and keep people's money safe.